Halifax Guaranteed Saver Reward

kieran2oo5

I opened a GSR yesterday because it was advertised at 6.25% AER but when i check online it says it is 2.8% gross p.a.

I understand that AER is annual but isn't gross p.a. per annum aswell.

Should they not be the same if they're both annual interest!

Also can someone tell me which one i use to work out what interest i will make on £2500

thanks

jem16

It should be 6.25%.

When you say checked online are you saying that within internet banking it says 2.8%? If so I would phone up HBOS and ask them what's going on.

BruceyBonus

Just a side note, Bank of Scotland (i.e. Halifax's parent company) have an account called Instant Access Savings Account Reward - identical to the GSR but with a rate of 6.5% and 4 withdrawals allowed. It is showing as 6.5% in my online banking.

Mikeyorks

They only have one 2.8% account - and that's the 'Young Savers' version of the Saver Reward (not the Guaranteed Saver Reward) :

http://www.halifax.co.uk/savings/personalrates.asp#Hx_Young_Savers_Rate

..... you need to check just what you did open, as the GSR expires 10th of this month.

kieran2oo5

i applied online for it, by clicking on one of the banner ads on their site.
when i go into my internet banking accont it has the account as Halifax Guaranteed Saver, I phoned halifax and they said that yes it is the saver reward but just comes up without the reward part. i didnt say anything about the 2.8% because it didnt say any interest rate in my online account at that point!

btw thanks i will have to phone them again tomorrow!

oh what about if i opened it with a check could that be the reason, it wont clear untill 13th but the guy on the phone said it doesnt matter i will still get the 6.25%

jem16

kieran2oo5 wrote: »

i didnt say anything about the 2.8% because it didnt say any interest rate in my online account at that point!

So where did you see the 2.8%? Do you mean you looked at the Halifax website and looked at the wrong product?

Your online account usually shows the interest rate after you deposit some money and once the system has updated overnight.

btw thanks i will have to phone them again tomorrow!

Perhaps check if internet banking shows the interest rate first.

oh what about if i opened it with a check could that be the reason, it wont clear untill 13th but the guy on the phone said it doesnt matter i will still get the 6.25%

Have Halifax received the cheque yet?

Not sure why you opened it by cheque if you applied online. Why not just transfer some money?

kieran2oo5

jem16 wrote:

So where did you see the 2.8%?

i saw it on my account, when i phoned halifax it hadnt updated at that point!

jem16 wrote:

Perhaps check if internet banking shows the interest rate first.

do you mean check my online account? thats what it says on my account 2.8%

jem16 wrote:

Have Halifax received the cheque yet?

i really dont know why i applied online, but i went to the local branch and opened it with a check and cash, so yeah they have my check!

jem16

kieran2oo5 wrote: »

do you mean check my online account? thats what it says on my account 2.8%

If you saw it in your online account it has already updated. If it still shows that I would phone HBOS and actually ask them why it says 2.8%.

kieran2oo5

i know it has already updated but when i phoned halifax a couple of days ago it hadnt.

i checked my online banking account this morning and its at the full 6.25%, do you think i should still phone and ask why it was at 2.8 or just leave?

jem16

kieran2oo5 wrote: »

i checked my online banking account this morning and its at the full 6.25%, do you think i should still phone and ask why it was at 2.8 or just leave?

I don't think there would be any need - it shows correctly now.

Mikeyorks

As Jem says - I would leave it if it's now showing the correct 6.25%. It should show on your Portfolio as a Guaranteed Saver? If it does that - and at 6.25% - then leave well alone.

But I can't clarify where the 2.8% came from. If you're under 21 then the system thought you had the 'Saver' account at some point .... can't understand why it would then change with no apparent reason.